Blockchain technology is the ideal platform for many forward-leaning tech startups. The unique nature of cryptocurrency offers innovative startups a highly effective method of generating capital outside of traditional venture capital investment through initial coin offerings.
2017 has brought us a wide range of different initial coin offerings that have focused on a broad spectrum of industries. The most popular and successful ICOs of the year have been those that attempt to combine cutting-edge blockchain technology with other promising tech, such as the Internet of Things.
A new Russia-based initial coin offering is intending to use the dynamic nature of blockchain technology to make virtual reality planetariums globally accessible. Altair VR is already a fully-fledged virtual reality experience platform that has launched a number of VR apps and operates VR educational planetariums in 15 different cities.
The Altair VR ICO is intended to assist Altair in establishing a completely novel concept- a virtual reality encyclopedia. In this article, we’ll take a look at the Altair VR ICO and find out what the platform plans to deliver should their offering succeed to help you determine whether it’s worth investing in.
What Is Altair VR?
Altair VR is an existing platform that has been operating educational virtual reality experiences for more than seven years. During this time, Altair has established the largest network of mobile planetariums in the world, and has used their platform to introduce more than half a million children to astronomy.
Altair is also responsible for the world’s first fully spherical online cinema and spherical film, the Altair Fulldome Cinema. Individuals that possess Gear VR glasses are able to use this application to view both the Altair mobile planetarium, as well as experience truly immersive spherical film.
The Altair VR is intended to assist Altair in taking their education VR concept to the next level and create a fully VR encyclopedia focused on the natural sciences. The Altair VR encyclopedia will allow children to experience an immersive environment that assists them in learning about concepts including, but not limited to, chemistry, physics, geography, biology, and history.
Anybody using the Altair VR platform will be able to create their own fully VR content and share their perspectives and interpretations of knowledge. Content on the Altair VR platform is to be moderated with a voting system.
Altair’s CEO Konstantin Urvantsev has commented on the purpose of the Altair VR platform and the reasoning behind an ICO launch:
“The platform will be a global VR-simulator aimed at studying the world in all aspects and spheres.People will be able to study the structure of the earth, space, go on safari using only VR-glasses. And they will get the access to VR-films for tokens”.
The Altair VR ICO
Judging from Urvantsev’s explanation, it’s clear that the tokenization of the Altair platform will serve a clear purpose- users will pay to view content on the Altair platform with native Altair VR tokens. Interestingly, Altair appears to intend to incentivize the participation of professionals in the educational ecosystem.
A geography teacher, for example, would be able to develop a high reputation index on the Altair VR platform by creating and sharing content. In return for their services, the teacher would be furnished with native Altair VR tokens, which could then be used to purchase other content or traded on cryptocurrency exchanges.
Alexey Irkov, the CTO of Altair VR, has indicated that the platform intends to create a global community of content creators:
“We plan to invite not only specialists to create content on the Altair VR-platform but everyone who wants, which will make the technology global”
The Altair ICO is set to launch on the 29th of January 2018. The pre-ICO is already underway, and will run until the 26th of December 2017. 50% of the total amount of tokens generated during the initial coin offering will be made available for purchase, while 15% will be reserved for the team, 32% for a platform fund, and 3% for bounties.
The total amount of AVR tokens generated will be limited to 100,000,000, with a purchase price of 0.1 ETH per 400 AVR. All tokens reserved for the Altair team will be frozen for one year, a move that adds legitimacy and transparency to the Altair ICO.
After the launch of the Altair platform, a smart contract will burn 1% of the turnover of AVR tokens on a daily basis until only 10% of all original AVR tokens remain.
Altair VR ICO Conclusion
The Altair platform is one of the most interesting ICOs to launch recently, and is backed up by an existing, successful business. The Altair VR team boasts a massive amount of experience, and the fact that the platform itself is based around user created educational content means the project could be highly disruptive if successful.
If you’re looking for a highly promising ICO to invest in before the end of the year, the Altair VR ICO is worth serious consideration.